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The move is a sign of growing interest in milk made with plant alternatives.

Oatly said the money would be used to expand and build new production plants.Founded in the 1990s, Oatly entered the US market four years ago and the product proved so popular it created shortages.

Oatly announced its first factory in the US in 2018 and plans to open a second this year, part of a wider effort to add plants close to its customers. The firm’s products are available at 50,000 locations across 20 countries.

“We chose to partner with Blackstone Group because of their tremendous resources and unique reach,” said chief executive Toni Petersson. “Our new partners’ commitment to supporting us and furthering our mission is a clear indication of where the world is heading, which is in a new, more sustainable direction.”